REGULATORY FORESIGHT AND MARKET TRANSFORMATION
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Transcript REGULATORY FORESIGHT AND MARKET TRANSFORMATION
REGULATORY FORESIGHT AND
MARKET TRANSFORMATION
A DISCUSSION PAPER
AT THE TWO – DAY SUMMIT ON
THE FUTURE OF INSURANCE
PRESENTED BY
O S THOMAS
NATIONAL INSURANCE COMMISSION
FOCUS OF CONTRIBUTION
• BROAD VIEW OF THE INSURANCE SECTOR
• FSS 2020 VISION AND MISSION FOR THE
INSURANCE SECTOR
• CURRENT POSITION ASSESSMENT OF THE
INDUSTRY
• REGULATORY CHALLENGES
• MOVING FORWARD
• REASONABLE EXPECTATIONS
BROAD VIEW OF THE NIGERIA
INSURANCE INDUSTRY
THE FUTURE OF INSURANCE IN NIGERIA
IS GOOD, GREAT AND SHOULD BE
REWARDING
THE CHALLENGES OF EFFECTIVE
REGULATION AND SUPERVISION IS
ENORMOUS
FSS 2020 VISION AND MISSION
FOR THE INSURANCE SECTOR
VISION
“TO BE THE INSURANCE INDUSTRY OF CHOICE
AMONGST EMERGING MARKETS NOTED FOR HIGH
MARKET CAPACITY, TRANSPARENCY, EFFICIENCY
AND SAFETY TO ATTAIN THE POSITION OF ONE
OF THE 20 LARGEST INSURANCE MARKETS IN THE
WORLD BY THE YEAR 2020.”
MISSION
“ TO DEVELOP AN INSURANCE SECTOR THAT DRIVES
AND PROTECTS THE ECONOMY THROUGH EFFECTIVE
AND EFFICIENT MARKET STRUCTURE ”
CURRENT POSITION ASSESSMENT OF
THE NIGERIA INSURANCE MARKET
ENHANCED CAPITAL FOR OPERATIONAL EXPANSION
CONVERGENCE OF FINANCIAL MARKETS’ TRANSACTIONS
INCREASING COMPLEXITY IN OWNERSHIP STRUCTURE
IMPROVED INSURANCE AWARENESS BY THE PUBLIC
INCREASING DEMAND FOR CREATIVE MANAGEMENT
COOPERATION AMONG REGULATORS OF THE NATION’S
FINANCIAL MARKETS
GOVERNMENT POLICIES INCREASINGLY RECOGNISE A
PLACE FOR INSURANCE IN THE PROTECTION OF NATIONAL
ASSETS
REGULATORY CHALLENGES
REGULATING FINANCIAL CONGLOMERATES
IMPLEMENTATION OF RISK BASED CAPITAL
ADOPTION OF THE RISK BASED SUPERVISION
SUPERVISION OF CROSS BORDER TRANSACTIONS
ELIMINATE LEAKAGES IN THE SUPPLY CHAIN
DEEPENING THE INSURANCE MARKET
MOVING FORWARD
EFFECT DELIBRATE POLICY OF HUMAN CAPITAL
DEVELOPMENT
ACQUISITION AND DEPLOYMENT OF EFFICIENT ICT
INFRASTRUCTURE
PRODUCT PACKAGING AND DELIVERY MUST MEET THE
EXPECTATIONS OF CONSUMERS
THE NEED FOR HIGH LEVEL TRANSPARENCY AND
ACCOUNTABILITY IN OPERATIONS
INCREASE AND SUSTAIN THE COOPERATION AMONG
REGULATORS OF THE NIGERIAN FINANCIAL MARKET AND
RELEVANT INSTITUTIONS IN OTHER JURISDICTIONS
THE INSURANCE INDUSTRY MUST LEVERAGE ON THE
OPPORTUNITIES PROVIDED BY GOVERNMENT POLICIES
THERE IS THE NEED FOR OPERATORS TO APPRECIATE THE
STRENGTH IN WORKING TOGETHER
REASONABLE EXPECTATIONS
IMPROVED PENETRATION
BETTER IMAGE AND CONFIDENCE OF THE PUBLIC
RANK HIGH AMONG MARKETS IN THE EMERGING
ECONOMIES
SUBSTANTIAL CONTRIBUTION TO THE NATIONS
GDP
IMPROVED MANAGEMENT OF DISTRESS THROUGH
A ROBUST REGULATORY FRAME WORK
TRANSPARENCY
AND
ACCOUNTABILITY
ACCORDED THE RIGHT OF PLACE IN OPERATIONS.
AN INDUSTRY LARGELY DRIVEN BY EFFICIENT IT
INFRASRUCTURE
REASONABLE EXPECTATIONS CONT.
CREATIVE MANAGEMENT THAT IS ABLE TO
REASONABLY SATISFY THE DEMANDS OF
CONSUMERS AND PROVIDE ADEQUATE RETURNS
TO ITS SHAREHOLDERS
ACCEPTABLE CORPORATE GOVERNANCE THAT
DRIVES AND GIVES PURPOSEFUL LEADERSHIP TO
THE COMPANIES
EXECUTION
OF
MEGA
PROJECTS
BY
CONSORTIUM OF INSURANCE COMPANIES.
THANK YOU